Vechokwadi Villians Vanotungamira Mari Yenhamo Crisis
Nokuderedza ngozi, hudge mari yakaderedza mashizha ekutsvaga mari.
Mahombekombe akawanda emari ari mashizha makuru. Vanotenga zvikamu zvakakwana kuti vhoti mubhodhi rekambani. Vane simba rakadaro pane sangano rekambani iyoyo kuti vanogona kumanikidza kambani kutenga zvigadzirwa uye kuvandudza zvigaro zvekugoverana. Vanogonawo kuita kuti kambani ichitengesa zvinhu zvishoma kana kuti mabhizinesi, zvichiita kuti zvive zvakanaka uye zvinobatsira.
Zvinhu Zvishanu Zvakaita Kuti Hedge Funds So Risky
Hedge mari inowedzerawo ngozi. Chokutanga, kushandiswa kwavo kwevhenekeri kunovabvumira kutonga zvimwe zvigumisiro kunze kwekuti vangangotenga nguva refu. Vakashandisa zvinyorwa zvinyorwa zvakakosha kubhadhara mari yekuita mari. Izvo zvakagadzira kudzoka kwakakwirira mumusika wakanaka, uye kurasikirwa kukuru mune zvakaipa. Somugumisiro, kukanganisa kwekuputsika chero kupi zvako kwakakudzwa. Hedge mari yakagadziriswa inosanganisira zvibvumirano zvingavabvumidza kuisa pasi mari shoma yekutenga kana kutengesa sengo pamutengo unobvumirana pane kana zuva risati rasvika.
Vanogona kutengesa kutengesa mashizha, zvinoreva kuti vanokweretesa mari kubva kune mutengesi kuti vatengese, uye vimbiso yekudzorera munguva yemberi. Vanotenga ramangwana zvibvumirano zvinovamanikidza kuti vatenge kana kutengesa kuchengeteka, mutengo, kana mari, pamutengo unobvumirana pane imwe nguva mune ramangwana.
A s result, hedge funds 'zvakakosha pamusika wekutengesa zvakakura zvikuru mumakore gumi apfuura.
Maererano nezvimwe zvinofungidzira, dzinodzora 10 muzana yemigodhi muSouth exchange exchange. Izvo zvinosanganisira New York Stock Exchange , NASDAQ neBATS . Credit Suisse inofungidzira kuti zvavanoita zvinogona kunge zvakanyanya. Vanogona kutora hafu yeNew York neLondon Stock Exchanges. (Chinobva: "Vatongi vekuUnited States Vanowedzera Alarmed Over Hedge Fund Hotels," International Herald Tribune, January 1, 2007.)
Sezvo vachitengesa kazhinji, ivo vane mhosva ye chetatu chemazuva ose ehurukuro ku NYSE chete. Inofungidzirwa 8,000 hedge mari iri kushanda pasi rose. Vakawanda vari muUnited States. Ikoko kune mamiriro ekumusorosoro munzvimbo yeConnecticut.
Vatsvakurudzi vakaona kuti ruzivo rwekudzivirira ruzivo runobatsira zvakanaka kumusika wekutengesa. Asi apo inotora mari yavo inomira, inogona kuva nemigumisiro yakaipa. (Chinyorwa: Charles Cao, Bing Liang, Andrew Lo, Lubomir Petrasek, " Hedge Fund Holdings uye Kubudirira Kwema Stock Market ," Federal Reserve Board, May 2014.)
Chechipiri, ivo vose vanoshandisa nzira dzakadaro dzehuwandu. Mapurogiramu avo emakombiyuta anogona kusvika pamagariro akafanana pamusoro pemikana yekutsvaga. Zvinopinda pamusika nokutenga chinhu chimwe chete, sekutengesa-kuchengetedzeka kuchengetedzwa, panguva imwe chete. Sezvo matengo achikwira, mamwe mapurogiramu anotanga kukonzerwa uye kugadzira kutenga mirairo yemuti iwoyo.
Chechitatu, mari yehuta inonyanya kuvimba nemari shoma shoma kuburikidza nemari yemari . Izvi zvinowanzoita nzira dzakachengeteka dzekumutsa mari, yakadai semari yemari yemakethe , pepanhau rebhizimisi rakabudiswa ne-high-credit corporations, uye maCD. Hedge mari inotenga uye resell zvigadzirwa zvezviridzwa izvi kune varairidzi kuti vawane mari yakakwana kuchengetedza mazita avo majeti akashanda. Zvisungo zviyamu, zvakadai semapepa ekutengeserana akashandiswa .
Kazhinji, izvi zvinoshanda zvakanaka. Asi munguva yematambudziko emari, varimi vakawanda vakatya zvikuru vakatengesa kunyange izvozvi zvombo zvakachengeteka kuti vatenge 100 muzana yakavimbiswa neMari yeMarikiti . Somugumisiro, ruzhowa rwemari rwakanga rusingakwanisi kuchengetedza makero avo , uye vakamanikidzwa kutengesa zvikwereti pamatengo epasi-pasi, zvichiita kuti kuwedzerwa kwemahombekiti emabhizimisi. Vakabatsira kusika musi waSeptember 17, 2008 mumhanho emari .
Chechipiri, hedge funds ichiri kunyanya kusagadziriswa. Vanogona kuita zvikwereti pasina kuongororwa ne Securities and Exchange Commission . Kusiyana nemari yekubatana , havafanirwi kuparidzira kwegore negore pamabasa avo. Izvozvo zvinoreva kuti hapana anoziva kuti zvii zvavo zvirima.
Nzira dzeHedge Funds Dzinoita Asset Bubbles
Imwe nyanzvi yepfuma yehedge fund yepasi pose, George Soros, yakati mari yehuta inokonzera misika mumashoko anonzi loop. Kana zvikamu zvishoma zvepurogiramu dzavo dzekutengesa dzinosvika pakufunga kwakafanana pamusoro pemikana yekutsvaga, inokonzera vamwe kuti vaite.
Semuenzaniso, vanoti mari inotanga kutenga madhora eAmerica mumusika wekutanga, kutyaira mari yacho inokosha kusvika pazana kana maviri. Mamwe mapurogiramu anotora pamusoro pemaitiro, uye edza vadzidzisi vavo kuti vatenge. Izvi zvinogona kuwedzerwa kana kombiyuta inotarisawo pakutsigira macro-economic trends, zvakadai sehondo muUkraine, sarudzo muGreece, uye chirevo pamusoro pehurumende yeRussia. Muenzaniso wacho unotora zvinhu zvose izvi, uye unowedzera vanyori kuti vatengese euro uye vatenge madhora. Kunyange zvazvo pasina munhu anoziva chokwadi, dhora reralar rakasimudza 15% muna 2014, apo euro yakawira kune makore gumi nemaviri.
Mamwe mavhesi emangwana achangobva kungoerekana aitika uye aine utsinye. Mari yeAmerica yakasimuka 25 muzana muna 2014 na2015. Misika yemabhizimisi yakasimuka inenge 30% muna 2013, zvibereko zveHaigari zvakaderera kusvika makore mazana maviri mugore ra2012, uye golide yakasimuka kusvika madhora 1 900 pagore muna 2011. Mitengo yeirimu yakasimuka kusvika kune vose -kukwirira kwemadhora 145 pirori muna 2008 , kunyange zvazvo kudai kwainge kwawa nokuda kwekuderera kwematambudziko. Izvo zvakanyanya kukuvadza kubwinya kwezvinhu zvose zvaiva chekuchengetedza mari yehupfumi mune zvidzidzo zvekubhadhara mari-inotsigirwa muna 2005.
Maitiro Avakaita Crisis Crisis
Muna 2001, Federal Reserve yakaderedza mari yeFed yakawanda kusvika ku 1.5% kurwisana nehupfumi. Munguva yemusika wekutengesa kudengenyeka, vatengesi vakatsvaga mari yehedge kuti vawane mari yakakwirira. Kuderera kwakaderera kunoshandiswa kuti zvibvumirano zvive nemigumisiro yakaderera kune vatariri vemari yepensheni Vakanga vachida chaizvo kuwana mari yakakwana kuti vawane mari yavo inotarisirwa kumangwana. Somugumisiro, mari yakawandisa yemari yakadururirwa muhomwe yemari.
Sezvo hupfumi hwakagadziridzwa muna 2003 uye 2004, mari yakawanda yakapinda mumari iyi. Vatungamiri vakaita zvikwereti zvinotyisa kuti vawane muganhu mumakwikwi. Vakanyanya kuwedzera kushandisa kwavo kwezvinhu zvisiri izvo, zvakadai sekuchengetwa kwemari . Izvo zvakanga zvakagadzirwa nemishamba yemari yekutengesa uye yakabatsira zvikuru.
Kuderera kwekuderera kunowedzerawo kubhadhara kune chikwereti-chete mari yechikwereti chinotengesa kune vashandi vakawanda vepamba. Mhuri dzakawanda dzakanga dzisingakwanisi kutenga zvikwereti zvekare zvinowedzera misika yemumba. Sezvo zvinoda kuti zvikwereti zvitsva-zvakatsigirwa zvakasimuka, ndizvo zvazvaida kuti zvikwereti zvikwereti. Mabhangi akanga aita guru rekuisa mari mukati meheji mari pamwe nevatengi vavo. Mabhanga makuru akavaka mazano avo emari. Izvo zvakanga zvisiri pamutemo kusvikira Congress yakarambidza Glass-Steagall Act yakabviswa muna 1999. Somugumisiro, mabhanhire anoisa simba pamari yavo yemari yekubhadhara mari yekukweretesa kune munhu uye wese. Havana hanya kana zvikwereti zvacho zvisingakanganisi nokuti vakatengesa zvikwereti kuna Fannie Mae naFreddie Mac.
Sezvo nhamba yezvimwe nzira dzakagadziriswa dzekutsvaga mari yakaderera, mari yevatungamiri yakatanga kupinda muzvifananidzi zvakafanana zvekutsvaga kwekukuvadza. Izvozvo zvaireva kuti vainyanya kukanganisa vose. Vashandi vekutsvaga vainyanya kubvisa mari nokukurumidza pabasa rekutanga rekutambudzika. Somugumisiro, mahombekombe mazhinji eheji akaiswa, uye vazhinjiwo vakundikana.
Pakazosvika 2004, mhizha yakanga isina kugadzikana nehupamhi hwekutsamwa. A National Bureau of Economy Research yakadzidza yehedge fund indasitiri yakaratidza huwandu hwakawanda hwehutambudzi. Izvozvo zvakawanikwa zvakatsigirwa nekutsvakurudza kwakawanda muna 2005 uye muna 2006. (Chinyorwa: "Systemic Risk uye Hedge Funds," National Bureau of Economic Research, March 2005.)
Uyewo muna 2004, Federal Reserve yakasimudza maitiro ekurwisana nehupfumi. Muna 2005, mitengo yakasimuka kusvika ku4.25% uye kusvika ku5.25% munaJune 2006. Zvimwe, tarisa Past Fed Funds Rate .
Sezvo kutengesa kuwedzera, kuda kwekugara kunonoka. Pakazosvika 2006, mitengo yakatanga kuderera. Izvozvo zvakakonzera varidzi vepamba vaibata subprime mortgage zvakanyanya. Vakakurumidza kuwana misha yavo yakakosha kudarika zvavakabhadhara.
Kuwedzera kwekuda kwekutora kwaireva kuti kubhadharwa kwakasimuka kune chikwereti-chikwereti chete. Varidzi vepamba vaisagona kubhadhara chikwereti, kana kutengesa imba yebatsiro, uye saka vakasiya. Hapana ainyatsoziva kuti izvozvo zvingakanganisa sei kukosha kwezvigadzirwa zvichibva pazviri. Somugumisiro, mabhangi akachengetedza zvigadzirwa izvi haazive kana ivo vaine hutano hwakanaka kana zvakaipa. Vakaedza kuvatengesa sevakanaka, asi mamwe mabhanga akanga asingadi ivo. Vakaedzawo kuvashandisa sechikwata chezvikwereti. Somugumisiro, mabhanki munguva pfupi akazova nekuzeza kukweretesa kune umwe neumwe.
Muhafu yekutanga ya2007, nhamba dzakawanda dzakakurumbira mabhiriyoni-dollar hedge funds yakatanga kumira. Vakanga vaita mari muzvitoro zvekubhadhara mari. Kukundikana kwavo kwaiva nekuda kwekuedza zvakanyanya kwevatengesi kuderedza dambudziko uye kusimudzira mari kuti vasangane nemapurisa.
Bear Stearns raiva bhangi rakaburuswa nemazita maviri eheji yemari. Muna 2007, Bear Stearns akaudzwa kuti anyore kukosha kwe $ 20 biliyoni muzvikwereti zvinokonzera chikwereti (CDOs). Izvo zvaive, zvekare, zvichibva pane zvingachengetedzwa zvekubhadhara mari . Vakanga vatanga kurasika kukosha munaSeptember 2006 apo matengo emba akawira. Pakupera kwa2007, Bear yakanyora pasi $ 1.9 mabhiriyoni. Pakazosvika March 2008, yakange isingakwanisi kusimudza mari yakakwana kuti igare. Sangano reSweden rakapa JP Morgan Chase mari yekutenga Bear uye kuichengetedza kubva kubhadhara. Asi izvo zvakaratidza mararamiro ekuti mhirizhonga yehedge fund inogona kuparadza mabhengi anozivikanwa.
MunaSeptember 2008, Lehman Brothers vakakundikana nokuda kwechikonzero chakafanana. Kuisa mari kwayo muzvigadzirwa zvakakonzera kuti zvipere. Hapana mutengi aigona kuwanikwa.
Kukundikana kwemabhanki aya kwakakonzera Dow Jones Industrial Average kukwira. Kuparara kwemusika ndoga kwakakwana kukonzera kuderera kwezvemari, kuburikidza nekuderedza kukosha kwekambani uye kukwanisa kwavo kukwidza mari itsva pamahomwe emari. Kunyanya kuipa, kutya kwekuwedzera zvakashata kwakaita kuti mabanhire arege kuzvisarirana kune umwe neumwe, zvichikonzera dambudziko rekudzivirira. Izvi zvakatsvaga kupedza mabhizimisi kubva pakusimudza nguva shomanana yekuda kuchengetedza mabhizinesi avo ari kuita.
Mukuderera: 2008 Financial Crisis Causes | Basa reDerivatives | Subprime Mortgage Crisis Causes